In 2010 the G20 in cooperation with major international organizations launched a comprehensive effort - here labelled the infrastructure push – to promote infrastructure investments around the world. Using selected transnationalised elements from historical materialism, this is explained as a transnational state initiative to secure general material conditions for capitalist growth in a manner that is profoundly shaped by power relations. The infrastructure problem was allowed to grow during neoliberalism because of the hegemony of finance; the push is a result of and reflects a weakening of finance and strengthening of industrial interests in the transnational power bloc, as well as a strengthening of the emerging economies. This potential hegemonic project has gained the support of the global labour movement, while also been subject to serious criticism from civil society organizations, speaking for the most vulnerable subaltern social forces. The empirical analysis also shows that the transnational state in this policy area works as a flexible, networked cooperation of G20 states and leading international organizations in ongoing dialogue with non-state actors, especially transnational business. In this cooperation, the international organizations have a relatively autonomous role in line with a historical materialist understanding of state apparatuses.